When driving to classic ford, I was told by my mate who was following me that I was getting the odd cloud of black smoke out my exhaust, I think this is only when booting it.

On top of this, my engine has never used any oil but when I got back from CF it had dropped down the dipstick by around 1/4. I have since driven the car on a couple of decent runs and it hasn't used any more oil.

I checked the turbo to intercooler hose and it looks dirty from oil but isn't wet or dripping.

Any ideas what could be causing this or what I should start to look at?

The car has a power boost valve type fuel regulator fitted which I understand puts more fuel in when revving hard, could this be the cause of the black smoke?

Turbo is standard T3, 4x4 cossy, stage 1.

Any advice would be much appreciated.